ETHGBP dominated by bulls lifting the market higher throughout the day
Ethereum/British Pound Index (ETHGBP) Technical Analysis Report for Oct 18, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, ETHGBP finished Sunday at 293.07 gaining £7.09 (2.48%) on low volume. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Saturday's high at 286.75, Ethereum confirmed its breakout through the prior session high after trading up to £6.59 above it intraday.
Daily Candlestick Chart (ETHGBP as at Oct 18, 2020):
Sunday's trading range has been £8.14 (2.85%), that's slightly below the last trading month's daily average range of £10.03. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for ETHGBP.
Two candlestick patterns are matching today's price action, the White Candle which is known as bullish pattern and one bearish pattern, the Bearish Hikkake Pattern. The last time a Bearish Hikkake Pattern showed up on October 4th, ETHGBP lost -0.18% on the following trading day.
The cryptocurrency shows strength in the short-term supported by its long-term uptrend with only the medium-term trend being bearish.
Buying could accelerate should prices move above the close-by swing high at 297.99 where further buy stops might get activated. Selling could speed up should prices move below the nearby swing low at 281.04 where further sell stops might get triggered.
Among the nine market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "2 Consecutive Higher Closes" stand out. Although it is usually interpreted as bullish, it has actually shown to be bearish for ETH/GBP. Out of 233 times, ETHGBP closed lower 57.94% of the time on the next trading day after the market condition occurred.
With six out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are ETHUSD gaining 2.69% and BCHUSD closing 1.76% higher. On the flipside the worst performer has been ETCUSD closing -0.36% lower. Looking at the other Minor Cryptocurrencies, the winners of the day have been BCNUSD surging 13.16% and VETBTC closing 5.15% higher. The worst performers of the day have been WAVESBTC tanking -5.27% and WAVESUSD closing -4.08% lower. Read more